Florida · Population 125,273 · Updated March 2026
How far your income goes in Palm Bay
State-level tax rates that affect your costs
Palm Bay offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 91 (where 100 equals the national median), Palm Bay residents can expect to pay median rent of $1,487/month while earning a median household income of $67,521/year.
The median home value in Palm Bay, FL is $248,000, with typical monthly owner costs around $1,203 including mortgage, insurance, and taxes. With a rent-to-income ratio of 26.4%, Palm Bay falls within the generally affordable range, though it's approaching the 30% burden threshold.
Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Palm Bay.
Common questions about living costs in Palm Bay
Similar-sized cities to compare
Compare the cost of living in Palm Bay, FL with 299 other major U.S. cities